Preliminary results of the first round of presidential elections in France give incumbent President Emmanuel Macron 27.40% of the vote, Marine Le Pen 24.58%. The euro opened the week even with a rising gap. But it should be noted that Le Pen trailed Macron by 6% in preliminary polls, while the vote narrowed the gap to 2.8%.
At the current stage, we doubt Le Pen’s victory in the final, but there is certainly no cause for great optimism for the euro, as the political shift in France has become much more to the left.
On the daily chart, the Marlin Oscillator indicates the prospect of a small increase, the nearest resistance at 1.0945 can act as a limiter here.
On the four-hour chart, price convergence with the Marlin Oscillator in action. The convergence is not strong, it may have enough potential to work out the resistance level of 1.0945, after which we are waiting for the price to turn to 1.0820, overcome the support and move further down.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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